The real Franco-German bank bailout predicted by The Slog on 16th June is racing out of its previously locked closet. Fitch downgraded French bank BNP Paribas earlier this week, and now Credit Agricole is admitting that it faces a 400 million euro write-off of Greek debt.

The ‘Yuan floating, world’s problems solved’ feelgood factor lasted just 24 hours: the Nikkei was down 2% overnight. Most sources believe it’s down to more euro concerns. The Spain rumour is still doing the rounds, and was a heavy hitter among corporate Tweeters yesterday, after S&P’s announcement that it was upping loan loss estimates for Spain’s banking sector.

But if you ever wanted clear evidence that the EU left and right hands are strangers to each other, then you may wish to note that France and Germany are to push for taxes on eurobank short-term financing, such as overnight interbank borrowing. This in the knowledge that (a) banks are too scared to interlend, and (b) they’re about to face a ClubMed loans meltdown anyway.

I give up.